Market Commentary

Daily reports from our Chief Economic Strategist.

THE TREND IS YOUR FRIEND
Data from the Federal Reserve states more companies are scared today than 2008. The Fed also writes the level of uncertainty is at a record, vastly eclipsing all other times. Moreover, almost every firm has declared the economy
IS THE PANDEMIC OF FEAR EBBING?
Equities led by oil advanced for a second day. Hopes are rising on progress for the treatment of the disease, the development of a vaccine, and the
EQUITIES CLOSED NOMINALLY HIGHER
Equities initially fell for a myriad of reasons including escalated rhetoric against China over the corona virus. The President is prodding the nation to reopen for business while
THE REALITY IS REALLY UGLY
The economic reality of the coronavirus is now upon us. A large minority are now overtly questioning whether or not the draconian actions that have decimated the economy is worth it based upon
IS REALITY SETTING IN?
Equities slumped amid dire economic warnings, more dismal data and corporate results that reflected the coronavirus’s toll on businesses. Oil extended its rebound as gasoline demand is
EQUITIES ADVANCED ON VACCINE HOPES
Equities advanced on renewed hopes for a drug to fight the virus. The NYT reports the FDA is in talks with Gilead to make the medicine available quickly. Dr. Fauci, head of National Institute of Allergy and Infectious Diseases stated this morning that he
FIRST QUARTER GDP RELEASED AT 8:30
Before the coronavirus, the US economy was on pace to measure a 3% annualized first quarter growth rate. Analysts are now suggesting 1Q growth to contract by 4.0%.
HAS A MAJOR POLICY MISTAKE BEEN MADE?
There is a growing number of analysts, politicians and “nonpartisan” reporters beginning to ask is the lockdown a major policy mistake. There have also been several influential epidemiologists stating Covid-19 is about as lethal as a bad
WHAT WILL BE THIS WEEK’S PREVAILING NARRATIVE?
What will be this week’s prevailing narrative? The decline in the number of deaths and cases? The extent of the economic calamity via the government mandated shutdown? The prevalence of a “second wave” in states that have decided to partially reopen?
STAGGERING AND UNFATHONABLE JOBLESS CLAIMS

In five weeks, the economy has lost a staggering and unfathomable 26.5 million jobs, more jobs that have been created since 2001. The jobless claims suggest the unemployment rate is close to 20%, double the

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